Call it a gut feeling, but in the past month or two I’ve become increasingly convinced oil has the potential for another price spike. The last 2 weeks have seen the first sustained break of $100 for WTI in the past year. The $111.50-114.50zone should prove pretty tough resistance, but a potential break of this zone would definitely signal the oil price’s going into orbit. Brent‘s even closer to its key medium term resistance zone of about $125.50-127…

Perhaps I’m a touch cynical, but I’m completely bemused to see Obama hold himself out as the voice of reason in the whole Iran (and Israel) situation. WTF?!Where on earth do you think most of the sabre-rattlingwith Iran is coming from? Yeah, White House back-channels, of course… And expect the rhetoric, and paranoia, to get much worse as we head into summer. It’s always useful for a sitting President to play the defence/war/security card as he heads into an election…